How you apply the payment properly depends on what type of situation you are in. Following are instructions on how to handle both prepaid interest types. Perform these entries via Tool # 492 Member Account Adjustment (Full) : If the prepaid interest is a positive entry: Type Amount Description Interest Offset G/L# Offset Location 92 $X.cc PREPAID INT $X.cc INT G/L BR# 85 $X.cc PREPAID INT $X.cc INT G/L BR# $X.cc is the prepaid interest amount The first transaction puts it into the interest buc  More...

A single co-borrower name will automatically appear (if applicable) in the Account Information section of the mortgage statement. The co-borrower name is pulled from the Additional Signers (ADSL) table using the record with the lowest sequence number. Note: Only one name and address displays in the name/address section at the top of the statement.

The IRS, which makes changes to tax form layouts almost every year, recently added this new informational box to form 1098 to report the balance on a mortgage account as of January 1 of that same tax year. Each year on January 1 we capture the loan balance on all loan accounts in a special file, and then when tax forms are created at the end of the year we can use that figure. Therefore, for loans that were opened in a prior tax year, this balance is usually easy for members to understand.   More...

Yes, but you’ll need to do this via an automatic transfer procedure. Here’s how it works: You transfer money to a specially-designated savings account every week (or any time you want). Then, you set up an Automated Funds Transfer (AFT) that will automatically transfer your full mortgage payment from that savings account to your mortgage loan on (or before) your due date each month.

For a typical mortgage (with the 360-day interest calculation), in order for the system to post your payments correctly, if you have more than one payment to make you must make each one separately. For example, if your mortgage payment is normally $1,000 and you want to make two payments, you must do two separate transfers of $1,000 each. (If you tried to transfer $2,000 at the same time, the first $1,000 would make your payment and the rest would go directly to principal only.)

When researching payments made on a 360-day interest calculation loan, there are two easy ways to know the status of a payment: 1. If you prefer to do your research through conventional CU*BASE tools, try Member Inquiry (Tool #6 or F1 from the CU*BASE home page). After accessing the membership, double-click on the loan account to bring up the account information, then press Enter to proceed to the history of transactions for that loan. Once there, you can highlight the particular transaction y  More...

For a standard mortgage (360-day interest calculation) there are two ways to do this: One way is to transfer an amount that includes both your regular payment plus the extra you want to put on principal. When the confirmation message appears, you will see exactly how that money will be applied to principal and all you need to do is confirm that the amounts look right. The second way is to transfer any amount you wish, then when the confirmation message appears, choose the option to put all of th  More...

NMS will need access to Tool #3555 NMS Combine Surf Files . This is custom tool, which means we will need to adjust settings on our end so your credit union has access to the tool. This is normally done as part of a regular CU*BASE release, although special arrangements can be made. Contact a CSR for assistance. Once the tool is activated for you, then your credit union's security officer will be able to grant NMS authority to the tool as usual via CU*BASE Employee Security. Once the user h  More...

Yes, since the mortgage statement functions as much like an invoice/bill as is does a statement of account activity. In addition, if a member would not otherwise qualify for a regular statement in a given month, the mortgage statement will still be generated, in order to provide the required information for the member’s mortgage(s). We will adhere to Statement Mail Group code settings as well as existing eStatement enrollments relative to delivery.

Prepaid interest on a mortgage consists of monies taken in at loan closing and is generally calculated for the odd number of days to the end of the month. Review links below for more information for information on applying prepaid interest properly on a morgage loan. This interest is applied on a date decided by the credit union. A recommended date would be the last day of the month, unless it is a Freddie Mac loan, in which case it has to be the 15th.

You'll need to contact a CSR, who will make arrangements to adjust the statement configuration for your regular statement. They will also assist you with initiating other procedures such as getting a logo and remit-to address set up with Sage Direct and working out a schedule to coordinate the timing for everything.

This relates to balance sweep accounts where a member deposits money to a share account until sufficient funds are available to make the complete payment to the loan account. We are not programming for this type of payment activity as it is not consistently applied across credit unions.

No, at this time there is just one generic style for Mortgage Statements that coordinates with all of the other print styles. If you charge a fee for printed statements, the fee is the same regardless of whether the member gets a separate mortgage statement or not.

The transaction description is pulling in from the account suffix description and then uses the origin code and origin type to determine if it was a payment (i.e. ACH or AFT). Those are combined to create the transaction description that appears in the member's history. For example, if your loan product is 360 MORTGAGE and a payment is made, the transaction description might be 360 MORTG PAYMENT. You can use Tool #105 Account Suffix Configuration, choose a suffix and update the trans  More...

Unless special arrangements have been made with the print vendor, if processed by Sage Direct a separate envelope will be used for each mortgage account.

The previous calendar month totals for principal, interest, escrow and fees come from the TRANS2 file and are captured as indicated below. Principal last month Tran code 22/All tran types = add PRINCP (principal amount) Tran code 23/ Tran type not 60 or 61 = add PRINCP Tran code 23/ Tran type 61 = subtract TRAMTP (Transaction amount) Tran code 24/ Tran type 85 = add PRINCP Tran code 25/ Tran type 95 = subtract PRINCP (Type 60 is fine payment and 61 is escrow payment. Type 85 is credit/post  More...

Mortgage statements can be generated only for loans with Process Type M, excluding commercial loans (Master type MO). There is an activation flag in statement configuration that lets you choose whether to generate mortgage statements for ALL Process Type M mortgages, or only for certain loan categories. If the latter option is selected, there will be a flag in Tool #458 Loan Category Configuration that designates which products will receive the new statements. (NOTE: This field will be visib  More...

Reg. Z only stipulates within a reasonable time. There are no hard and fast rules like with credit cards.

Yes, and the logo can be the same or different. For example, Reg. Z does have specific requirements about listing contact information, so you might need a special layout for your logo that includes a different phone number than what is used on the logo for your regular and CC statements. Contact a CSR at csr@cuanswers.com for information about fees and procedures for changes to logo artwork.

A request can be made through Lender*VP to change the Process Type for these loans. Please contact sales@lendervp.com or ask a Client Service Representative for assistance.

This address is customized for each credit union. When you first activate mortgage statements, we will assume the address should match the address in your G/L Chart of Accounts corporate record (Tool #202 Chart of Accounts/Budget Groups Maint ). If a different return payment address is desired, the CU must contact the Client Services team at 616-285-5711 ( or ask a question in the AnswerBook ). Normal programming fees and lead times apply. Important note: The coupon and return payment address  More...

For printed mortgage statements, the back page consists solely of a credit union remit to return address, formatted to fit into a window envelope. There are no disclosures or other text on that page. Similar to how credit card statements work, this address is on the back of the tear-off coupon that appears on the top of page 1 of the statement. (This will be on the back of page 1 only, for a multi-page statement.) For CU*Spy eStatements, there is no PDF equivalent of this back page.

Option 1: Create a Misc. Member Account Form with the appropriate text, and add a procedure for your loan processors to print this form whenever a loan like this is created. Since the CU*BASE online credit bureau system has no way to know if a credit score is used in the underwriting decision, nor whether the credit report was used for a mortgage or home equity loan, this will be manual process. HINT: This step could be added to the Electronic Checklist feature for your mortgage and home equity  More...

No, at least not if processed by Sage Direct. Mortgage statements will be sent in their own envelope, one envelope per mortgage account. In fact, mortgage statements are processed separately and after regular and CC statements, so they may not necessarily even arrive on the same day in the member's mailbox. Normally e-statements for all three statement types would be generated on the same day and available to members at roughly the same time. The first month we run mortgage statements fo  More...

There are multiple ways to do this, but here's one of our favorite methods. Launch Tool #1855 Lending Opportunities Dashboard Use the Loans to Analyze button Choose a loan type from the list (Auto Loans, Mortgages, Credit Cards, Unsecured, or Other Secured) and use Enter to return to the dashboard The top two thirds of the screen shows statistics from your portfolio for that type of loan The bottom third of the screen will show opportunities, divided into two groups: members without that  More...